Question 44 During June, the Richard Corporation recorded credit sales of $300,0

Question

Question 44

During June, the Richard Corporation recorded credit sales of $300,000. Based on its experience, the company expects to be unable to collect 4% of its credit sales. On June 30, the Corporation's balance sheet reported balances in many accounts, including the following:

$80,000

($6,000)

$70,000

$3,200

($27,000)

Determine the dollar amount of cash the Corporation expects to eventually collect from those customers who owed the company as of June 30.

$74,000

$80,000

$86,000

$288,000

accounts receivable

$80,000

allowance for uncollectible accounts

($6,000)

cash

$70,000

supplies

$3,200

accounts payable

($27,000)

Explanation / Answer

a. $74,000 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount accounts receivable            80,000.00 allowance for uncollectible accounts              6,000.00 amount of cash the Corporation expects to eventually collect from those customers who owed the company as of June 30 = 80,000 - 6,000            74,000.00

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